Prominent Insurance franchise
2022 filing · August 16, 2022Shares sales figures
Prominent Insurance at a glance
An independent insurance agency selling business, personal and other insurance under the Prominent Insurance name.
The business
- Franchisor
- Prominent Franchise, LLC
- The company that sells the franchises
What you pay
- Cost to open
- $83K–$115K
- Fee, build-out and opening working capital
- Franchise fee
- $40,000
- Paid once, when you sign
- Royalty
- 30%
- The greater of 30% of gross revenue or a minimum royalty, plus 2% to the brand development fund
- Brand fund
- 2%
- 2% of gross revenue, paid with the royalty
- Agreement length
- 10 years
Where it is
- Franchised, 2021
- 0
- As printed in the filing
From Prominent Franchise, LLC’s 2022 filing; SBA status from the SBA Franchise Directory, October 28, 2026.
Where it ranks
Prominent Insurance among all franchises with the same figure.
| Figure | Prominent Insurance | Among all franchises |
|---|---|---|
| Cost to open, midpointHalfway between the low and high estimate | $98,750 | Costs less than 88% of franchises |
| Franchise feePaid once, when you sign | $40,000 | Lower than 46% of franchises |
How much a Prominent Insurance franchise costs
Opening one Prominent Insurance costs an estimated $83,000 to $114,500. That covers the franchise fee and everything else needed to open, through the first months of working capital. It is one of the low-cost franchises.
Source: Prominent Franchise, LLC, 2022 filing, page 16
Prominent Insurance franchise fee
The franchise fee is $40,000. You pay it when you sign the franchise agreement.
Source: Prominent Franchise, LLC, 2022 filing, page 9
Royalty and ongoing fees
| Royalty | The greater of 30% of gross revenue or a minimum royalty, plus 2% to the brand development fund. |
|---|---|
| Brand or marketing fund | 2% of gross revenue, paid with the royalty. |
| Transfer Fee | $10,000 |
| Required Minimum Expenditure for Local Marketing and Advertising | 1% of Gross Revenue |
The typical franchise royalty is 6% of sales, plus 2% for marketing. See franchise fees and royalties to compare.
Source: Prominent Franchise, LLC, 2022 filing, page 9
Other fees as filed, from pages 9–10. The filing lists every fee, including late fees and audit costs.
Sales and earnings
Shares figures Prominent Insurance publishes sales or earnings figures for its locations. The full tables, with notes on which locations are counted, are in its filing.
Source: Prominent Franchise, LLC, 2022 filing, page 36
How Prominent Insurance compares
Of the 17 insurance franchises on this site, Prominent Insurance is the 15th cheapest to open.
| Figure | Prominent Insurance | Typical insurance brand | Typical franchise |
|---|---|---|---|
| Cost to open, low end | $83K | $55K | $222K |
| Cost to open, high end | $115K | $112K | $477K |
| Franchise fee | $40K | $25K | $40K |
| Brand fund | 2% | 2.5% | 2% |
| Shares earnings figures | Yes | 9 of 17 | 2,147 of 3,352 |
Typical is the median across the 17 brands in insurance franchises; typical franchise, across every brand here.
Locations opened and closed
| Year | Franchised | Company-owned |
|---|---|---|
| 2019 | 0 (0) | 1 |
| 2020 | 0 (0) | 2 |
| 2021 | 0 (0) | 2 |
Closed or left counts terminations, non-renewals, locations bought back by the franchisor and locations that stopped operating.
These figures don't add up as printed: the 2019 counts come to 1, but the filing shows 2. Worth asking the franchisor.
See which brands grew most in the fastest-growing franchises rankings.
More in the guides: franchise failure rates.
Source: Prominent Franchise, LLC, 2022 filing, pages 37–38
Where Prominent Insurance locations are
At the end of 2021, Prominent Insurance had locations in 2 states. The most are in Delaware and Pennsylvania.
- Delaware1
- Pennsylvania1
| State | Franchised | Company-owned | Total |
|---|---|---|---|
| Delaware | 0 | 1 | 1 |
| Pennsylvania | 0 | 1 | 1 |
Source: Prominent Franchise, LLC, 2022 filing, page 38
Who owns Prominent Insurance?
Prominent Insurance franchises are sold by Prominent Franchise, LLC.
From Prominent Franchise, LLC’s 2022 filing.
Lawsuits and bankruptcy
| Lawsuits and regulatory actions | None. The filing says no litigation has to be disclosed. |
|---|---|
| Bankruptcy | None. The filing says no bankruptcy has to be disclosed. |
Franchisors must disclose lawsuits and bankruptcies involving the company, its parents and affiliates, and its executives. Many cases are routine disputes with franchisees over fees or contracts; read the descriptions in the filing and ask current owners about anything that worries you.
Source: Prominent Franchise, LLC, 2022 filing, litigation on page 8, bankruptcy on page 8
Prominent Insurance filings
The figures on this page come from Prominent Franchise, LLC’s 2022 filing, issued August 16, 2022, on record with the NASAA Electronic Filing Depository.
| Filing | Issued | Registry | On this page |
|---|---|---|---|
| 2022 filing | August 16, 2022 | NASAA depository | Costs, fees and locations, 2019–2021 |
Each link opens the filing as a PDF. See the newest filings across all brands.
Other insurance franchises
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Prominent Insurance is also on these lists: business services franchises.